Summary of Conference Call Records Industry Overview - The conference call primarily discusses the PCB (Printed Circuit Board) industry, focusing on the supply and demand dynamics of electronic fabrics and copper foil materials, particularly in relation to major players like Google and AWS [1][2][19]. Key Points and Arguments 1. **NV Product Developments**: - The GB300 Computer Tree utilizes Doosan's M8 and M4 mixed pressure design (5+12+5 HDI). The Switch Tree is likely to use S9G materials from Shengyi Technology. Expected NV machine shipments for 2025 are close to 15,000 units [1][3]. 2. **Supply Chain Risks**: - Supply of first-generation electronic fabric is sufficient, but second-generation fabric faces tight supply, with high risks anticipated in the first half of 2026. The potential transfer of production capacity for HYP4 copper foil to AWS may create supply pressures [1][6]. 3. **Market Demand for Second-Generation Fabric**: - Significant demand for second-generation fabric is expected from Google, OpenAI, and domestic AI companies, with tight supply anticipated to continue until 2027 [8][9]. 4. **Alternative Solutions for Material Shortages**: - In case of second-generation fabric shortages, alternatives include using M9 resin with first-generation fabric or employing third-generation guiding copper (HOB3) to reduce costs [10][12]. 5. **Q Material Strategy**: - Q materials are gaining importance due to their stable raw material supply compared to second-generation guiding copper, although processing yields are currently low. Long-term, Q materials may become a superior choice post-2027 [11][14]. 6. **Copper Foil Pricing Trends**: - The price of fourth-generation copper foil is on an upward trend due to strong market demand and rising raw material costs. Current supply from domestic manufacturers is insufficient to meet demand [15][16]. 7. **LCT Electronic Fabric Market**: - LCT electronic fabric has seen a price increase of 20% this year, with a market demand of approximately 500,000 to 600,000 meters, but total demand is not as high as expected [16][19]. 8. **Differences in PCB Requirements between AWS and Google**: - AWS has strict cost control measures and different PCB material requirements compared to Google, which uses high-performance GPUs and has more flexibility in material selection [20]. 9. **Future Demand Projections**: - Amazon's demand for T2.5 is currently high, with T3 expected to launch in mid-2026. The increase in chip count per board will reduce overall PCB demand by 40% [24]. Additional Important Insights - The certification cycle for narrow board markets is lengthy, making it difficult for domestic companies to penetrate the market quickly [2][16]. - The overall supply of resin fillers is stable, with ongoing domestic production efforts to reduce costs and improve quality [22]. - The PCB industry is currently facing tight supplies of electronic fabrics and copper foils, while other materials like resins and fillers are relatively abundant [19].